Code of Conduct

Storebrand's business requires trust from customers, authorities, shareholders and society at large. In order to gain confidence, we are dependent on professionalism, skill and high ethical standards at all levels. This applies both to the Group's business operations and the way in which every one of us acts.

Ethical standards

To ensure that Storebrand and our employees have the same ethical standards, we have established a Code of Conduct and a set of ethical principles. The ethical principles are a part of Storebrand's highest-level governing documents and is the framework for how we behave and what Storebrand stands for. In addition to this document, employees must also know the internal rules, guidelines and routines, as well as the laws and regulations that set limits for our business. Once a year, all employees must complete training in our code of conduct.

Storebrand Ethical guidelines

Whistleblowing

Trust is important for us. Storebrand strives to have an open culture, based on respect and cooperation. Openness and transparency are a prerequisite for motivation, trust and safety. All employees should feel confident in addressing both small and large issues with the management or others in the Group.
Storebrand has routines that safeguard the employees' security and rights if they notify unacceptable circumstances. Whistleblowing is important for the Group and society, because unacceptable conditions must be corrected. The individual employee is therefore encouraged to notify. The employees are obliged to notify about criminal matters and about conditions in which life and health are at risk. Employees can notify Storebrand's partners internally or externally.

Storebrand guidelines for whistleblowing

Report on breaches

Managers at all levels have a special responsibility to ensure that their own and their subordinates’ behaviour is in accordance with Storebrand's ethical rules. Managers are responsible for reporting violations of ethical rules to the CCO.

In the Storebrand Group there were nine breaches on the code of conduct or other internal policies in 2019. The consequences was 4 oral, and 5 written warnings.

Combating economic crime and corruption

Economic crime is detrimental both to those affected and to society. Examples of economic crime is insurance fraud, tax evasion, corruption, card fraud, insider trading and money laundering.  Storebrand strives to protect customers, owners and the society from economic crime and corruption. Together with the authorities, we work to detect financial crime and assist in getting convictions.

Storebrand employees must never receive benefits from the Group's connections, such as gifts, discounts, kickbacks, travel or bonuses for private purchases, borrowing or the like. This also applies to employees' related parties, if the benefit is based on the employment relationship.

Storebrand Anti-corruption guidelines

Discrimination

As an employer, Storebrand is committed to diversity and non-discrimination based on gender, ethnicity, nationality and sexual orientation. We also oppose discrimination in connection to pay. Storebrand respects freedom of association and recognizes the right to collective bargaining and cooperates closely with labor unions.
In Storebrand we demonstrate tolerance for employees' and other stakeholders' attitudes and opinions. No one shall discriminate or harass their colleagues, partners, customers or other stakeholders. All those who feel discriminated or harassed shall be taken seriously. In connection with service assignments, for example on business trips, employees shall not behave in a manner that can violate human dignity.

Confidentiality of information

All employees and others who act on behalf of Storebrand have a statutory duty of confidentiality concerning customers, employees and other business or private matters that they become acquainted with in connection with their work. This applies unless they are obliged or encouraged to disclose information by law or internal guidelines. The duty of confidentiality also applies between the individual companies in the Group, and to others in the same company who do not need to familiarise themselves with the information in their work.

It is the individual's responsibility to process information correctly.

Conflicts of interest

A conflict of interest can arise between Storebrand's and the customers' interests, or between different customer groups. At Storebrand, we work actively to identify and handle actual or potential conflicts of interest. A basic principle is that Storebrand's customers should be treated equally, in the sense that no customers should receive favourable treatment at the expense of other customers. We are open and transparent about possible conflicts of interest and have processes to identify and manage them.

Antitrust/anti-competitive practices

Storebrand competes in the market with respect for, and in accordance with, current competition and marketing legislation. Sales and marketing should not be perceived as offensive or in violation of law or common social standards. Financial advice must always be based on the customers' needs and financial situation, and adapted to the individual customer's willingness to take risks.

Environment, health and safety

Storebrand has established processes and guidelines for safeguarding employees and their working environment. All employees are responsible for common well-being and a good working environment. The management is also responsible for a safe and secure workplace.

Human rights and labor

The Storebrand Group is committed to conducting its business with respect for all internationally recognized human rights including those set out in the International Bill of Human Rights and the fundamental International Labor Organization conventions. The Group is dedicated to consistently following the United Nations Guiding Principles on Business and Human Rights and the ten principles of the United Nations Global Compact. Storebrand is also committed to following the OECD guidelines for Multinational Enterprises and the United Nations Principles for Responsible Investments (PRI).

Storebrand actively ensures that suppliers and partners respect human rights by enforcing its procurement policies. As an investor and owner in listed companies, Storebrand will not invest in companies involved in severe human rights violations as described in the Storebrand Standard.

Storebrand Human rights policy